Stocks..

Spu’s…have a potential double top @ 1680. A close under yesterday’s low
would lead to a sell off.

Bonds…

30 yr….are still trying to break out to the upside. The first test should be 135.27-136.00.
As long as 134.20 holds the long awaited oversold rally seems to be materializing.

FX…

USD/JPY…98.75 is the major inflection level. ( App 101.26 in the Futures)
Weak below/Strong above.

EUR/JPY….2 support levels to look for bounces..129.60…then 128.40 on a monthly chart. 128.40 has to hold to keep the trend intact.

Commodities…

Soybeans…has a potential weekly double top @ 12.97. Raise the stop to break even (12.62) This needs to hold breaks @ 12.73 the 200 day mvg avg.

Gold…as long as there is no 1267 print, this remains firm on the very long term Point & Figure chart.

Oil…sustaining under 105 is price negative leading to a test of 103.

General Comments or Valuable Insight

Today is an event trading day. 7:30 CDT will start the ball rolling with Bernanke’s
prepared statements.

Short Term View…

Trade what is in front of you. Many instruments have shown signs of fatigue yesterday.

Those wishing to make a bet can still trade options on the S&P 500 Futures which expire
Friday and 30 yr. Bond options expiring the 26th before before 7:30.

Current Positions  

Entry            Stop           Target

Long SX          12.62          12.62           15